Ann: Directors Resignation and Transition Begins , page-45

re: Ann: Directors Resignation and Transition... I spoke to Frank about the $10 mil facility lasy year. He stated it would never be drawn on. I tried to get an explanation why. I believe it has never been put into place.

Also, I could never understand the Caledon option. It has no expiry date. I never heard of an option with no expiry date. Frank could never explain the mechanics of the option properly. I asked if I could see the option agreement and was denied.

I bailed as soon as Frank bailed with a pathetic personal reason excuse.

All the signs were there that management was useless. No proper management - I am out.

However, it may now turn out to be an opportunity with proper focussed can do management. Could also be an opportunity for another asset to be vendored into the company.